Stonebridge Capital Management Inc. decreased its stake in shares of QUALCOMM, Inc. (NASDAQ:QCOM) by 15.0% during the third quarter, Holdings Channel reports. The fund owned 81,304 shares of the wireless technology company’s stock after selling 14,300 shares during the period. QUALCOMM makes up 2.0% of Stonebridge Capital Management Inc.’s holdings, making the stock its 17th largest position. Stonebridge Capital Management Inc.’s holdings in QUALCOMM were worth $5,856,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp increased its holdings in shares of QUALCOMM by 13.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 20,853,688 shares of the wireless technology company’s stock valued at $1,170,308,000 after acquiring an additional 2,463,511 shares during the last quarter. Parnassus Investments CA boosted its stake in QUALCOMM by 3.6% during the 2nd quarter. Parnassus Investments CA now owns 10,150,000 shares of the wireless technology company’s stock valued at $569,618,000 after purchasing an additional 350,000 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in QUALCOMM by 3.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 9,687,604 shares of the wireless technology company’s stock valued at $543,669,000 after purchasing an additional 323,005 shares during the period. Waddell & Reed Financial Inc. boosted its stake in QUALCOMM by 18.8% during the 2nd quarter. Waddell & Reed Financial Inc. now owns 5,029,933 shares of the wireless technology company’s stock valued at $282,280,000 after purchasing an additional 794,924 shares during the period. Finally, Swiss National Bank boosted its stake in QUALCOMM by 3.5% during the 2nd quarter. Swiss National Bank now owns 4,894,065 shares of the wireless technology company’s stock valued at $274,655,000 after purchasing an additional 164,400 shares during the period. 77.39% of the stock is currently owned by institutional investors and hedge funds.

Shares of QCOM stock opened at $66.12 on Wednesday. The company has a quick ratio of 2.62, a current ratio of 2.73 and a debt-to-equity ratio of 0.67. QUALCOMM, Inc. has a 12 month low of $48.56 and a 12 month high of $76.50. The company has a market capitalization of $105.82 billion, a price-to-earnings ratio of 17.49, a PEG ratio of 2.12 and a beta of 1.66.

QUALCOMM (NASDAQ:QCOM) last announced its quarterly earnings data on Wednesday, July 25th. The wireless technology company reported $1.01 EPS for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.30. QUALCOMM had a positive return on equity of 19.06% and a negative net margin of 18.41%. The company had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $5.19 billion. During the same quarter last year, the company earned $0.83 EPS. The company’s quarterly revenue was up 5.7% on a year-over-year basis. On average, equities research analysts forecast that QUALCOMM, Inc. will post 3.12 EPS for the current year.

QUALCOMM announced that its Board of Directors has approved a share buyback program on Thursday, July 26th that permits the company to repurchase $30.00 billion in shares. This repurchase authorization permits the wireless technology company to buy up to 34.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

In other QUALCOMM news, EVP Alexander H. Rogers sold 828 shares of the firm’s stock in a transaction that occurred on Friday, July 27th. The stock was sold at an average price of $63.40, for a total value of $52,495.20. Following the completion of the sale, the executive vice president now owns 7,170 shares in the company, valued at approximately $454,578. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Cristiano R. Amon sold 88,625 shares of the firm’s stock in a transaction that occurred on Wednesday, October 10th. The stock was sold at an average price of $68.81, for a total value of $6,098,286.25. Following the completion of the sale, the president now owns 58,045 shares of the company’s stock, valued at approximately $3,994,076.45. The disclosure for this sale can be found here. Insiders sold a total of 91,613 shares of company stock valued at $6,300,408 in the last quarter. Corporate insiders own 0.24% of the company’s stock.

Several brokerages recently weighed in on QCOM. Cowen increased their target price on QUALCOMM from $58.00 to $64.00 and gave the company a “market perform” rating in a research note on Thursday, July 26th. Rosenblatt Securities upgraded QUALCOMM from a “neutral” rating to a “buy” rating and increased their target price for the company from $56.00 to $70.00 in a research note on Monday, August 20th. BidaskClub downgraded QUALCOMM from a “hold” rating to a “sell” rating in a research note on Tuesday. Summit Insights upgraded QUALCOMM from a “hold” rating to a “buy” rating in a research note on Thursday, July 26th. Finally, KeyCorp increased their target price on QUALCOMM from $65.00 to $72.00 and gave the company an “overweight” rating in a research note on Thursday, July 26th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $71.12.

QUALCOMM Company Profile

QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.

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Institutional Ownership by Quarter for QUALCOMM (NASDAQ:QCOM)

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